Car buffs are carving out a niche in the northwest suburban real estate market.
Compasspoint Development’s Joe Taylor is seeing rapid demand for his condo-garage units at MotorCave Suites, a unique development in Barrington designed for car buffs to store, work on and showcase their high-end vehicles, Crain’s reported.
Within just 10 days of a quiet pre-launch, 25 of the 37 units have already secured buyer commitments. An official sales launch is scheduled for June 17, with Kinzie Real Estate Group handling sales.
The commitments came from 14 buyers, with some purchasing multiple units. Prices for the garage condos range from $410,000 to approximately $1.1 million. The largest units can accommodate up to 16 cars, or more with the addition of car lifts.
“We’re catering to a very specific clientele, the car enthusiast who’s got a collection or wants to,” Taylor told the outlet. “I knew the demand was there, but I didn’t know it was at this level.”
The high demand is driven by affluent individuals needing space for their car collections, said John Victor, whose 35-unit Big Door “garage-dominium” in Mundelein sold out earlier this year.
MotorCave Suites, designed by OKW Architects, is the fourth project of its kind in the Chicago area. The others include the Autobahn private racetrack and garages in Joliet, Iron Gate Motor Condos in Naperville and Victor’s Mundelein development.
MotorCave’s two-story condos feature a garage on the first floor and a mezzanine for dining or recreation. As part of a larger multi-use project by Compasspoint, the complex will also include a four-story building with commercial space and 125 apartments. Swift sales have accelerated the construction schedule, with plans to start building all four MotorCave structures this year.
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Owners of MotorCave units, which range from 1,500 to 3,800 square feet and include a bathroom, will also have access to a clubhouse, an outdoor grilling station and amenities from Compasspoint’s adjacent Mylo apartment complex, such as a pool, fitness center and pickleball courts.
The garage condo concept has fostered communities of like-minded enthusiasts gathering for events and social activities, Victor said. With the Chicago market showing promising growth, more developments are likely to emerge, he said.
—Quinn Donoghue